LafargeHolcim will merge with Holcim Cement

FE Report | Published: December 03, 2018 12:15:19 | Updated: December 04, 2018 12:42:49

LafargeHolcim Bangladesh Limited (LHBL) will merge with Holcim Cement (Bangladesh) Limited (HBL), a 100 per cent subsidiary of the former.

In a disclosure, LHBL said its board of directors has taken the decision of amalgamation.

"…the HBL will merge with the company (LHBL), and the company shall be the surviving entity," the company's disclosure said.

The approval is subject to approval of the banks and other creditors to the company, approval of the shareholders and finally, sanction of the High Court Division of the Supreme Court of Bangladesh, the company's disclosure said.

"The company (LHBL) will provide updates to the regulatory authorities and shareholders, as and when required, in conformity with applicable laws," the LHBL said.

The share price of the LHBL closed at Tk 41.50 each on Sunday with a marginal rise of 2.22 per cent or Tk 0.90 on the Dhaka Stock Exchange (DSE).

The LHBL, presently, an 'A' category company, was listed on the stock exchanges in 2003.

The company's sponsor-directors hold 64.68 per cent shares, institutes 16.02 per cent, foreign shareholders 1.03 per cent and general public 18.27 per cent as of October 31, 2018.

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